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Nonprofiteer
← ST VINCENTS FOUNDATION INC

Form 990 for tax year 2024

Filed by ST VINCENTS FOUNDATION INC.

Totals

Total revenue
$8,284,051
Total expenses
$3,232,488
Contributions and grants received
$0
Grants paid
$3,163,407
Program service revenue
$0
Investment income
$8,284,051
Other revenue
$0
Total assets, end of year
$12,452,256
Total liabilities, end of year
$4,328,023
Net assets or fund balances, end of year
$8,124,233
Program services expenses (Part IX)
$3,163,407
Management and general expenses
$69,081
Fundraising expenses
$0
Program service expenses (Part III)
$3,163,407

Program services were 97.9% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 3 · Investment income

    total $548,323 · excluded $548,323

  • 7a · Gross sales of assets other than inventory

    securities $34,973,047

  • 7b · Less cost or other basis and sales expenses

    securities $27,237,319

  • 7c · Gain or loss

    securities $7,735,728

  • 7d · Net gain or loss

    total $7,735,728 · excluded $7,735,728

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $3,163,407 · program services $3,163,407

  • 11f · Fees: investment management

    total $69,081 · management and general $69,081

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $222,933 · end of year $0

  • 2 · Savings and temporary cash investments

    beginning of year $2,040 · end of year $2,040

  • 11 · Investments: publicly traded securities

    beginning of year $48,730,144 · end of year $11,472,796

  • 12 · Investments: other securities

    beginning of year $122,463 · end of year $19,773

  • 15 · Other assets

    beginning of year $957,647 · end of year $957,647

  • 17 · Accounts payable and accrued expenses

    beginning of year $20,907 · end of year $20,907

  • 19 · Deferred revenue

    beginning of year $2,245 · end of year $0

  • 25 · Other liabilities

    beginning of year $9,770,481 · end of year $4,307,116

  • 27 · Net assets without donor restrictions

    beginning of year $4,798,629 · end of year $4,953,099

  • 28 · Net assets with donor restrictions

    beginning of year $35,442,965 · end of year $3,171,134

Mission and programs · 2024

Mission

None

Activities or mission (Part I)

St. Vincent's Medical Center Foundation's primary purpose is to raise funds in order to help meet certain financial needs of the St. Vincent's Health Services Corporation. The Foundation's goal is to create and perpetuate financial support for programs and services on behalf of St. Vincent's historic mission to serve the poor and medically underserved populations. The growing support for St. Vincent's throughout the region is a reflection of our mission-driven programs and the quality of our services.

  • During the fiscal year ended September 30, 2025, St. Vincent's Medical Center Foundation, Inc. released approximately $3,141,800 to its affiliate SVMC Holdings, Inc. dba St. Vincent's Medical Center. This funding assisted in paying both operating and capital needs of St. Vincent's Medical Center.

    Expenses $3,141,807 · Grants $3,141,807

  • During the fiscal year ended September 30, 2025, St. Vincent's Medical Center Foundation, Inc. provided approximately $21,600 in funding to support the capital and operating needs of its affiliate, St. Vincent's Special Needs Center, Inc.

    Expenses $21,600 · Grants $21,600

As filed on the 2024 return.

Listed in Part VII

  • William Jennings

    Director

    Total calculated
    $1,728,141
    From this org
    $0
    From related orgs
    $1,507,121
    Other
    $221,020
    Hours/week
    2 + 58 related

    Schedule J breakdown matched by us

    Base
    $0 + $1,023,966 related
    Bonus
    $0 + $471,803 related
    Other
    $0 + $11,352 related
    Deferred
    $0 + $180,609 related
    Nontaxable benefits
    $0 + $40,411 related
    Filer's total
    $0 + $1,728,141 related

  • Bimal Patel

    Director and Secretary

    Total calculated
    $1,693,030
    From this org
    $0
    From related orgs
    $1,617,571
    Other
    $75,459
    Hours/week
    2 + 58 related

    Schedule J breakdown matched by us

    Base
    $0 + $911,697 related
    Bonus
    $0 + $499,149 related
    Other
    $0 + $206,725 related
    Deferred
    $0 + $24,150 related
    Nontaxable benefits
    $0 + $51,309 related
    Filer's total
    $0 + $1,693,030 related

  • Jeffrey Cohen

    Director and Secretary Thru 12/24

    Total calculated
    $1,660,694
    From this org
    $0
    From related orgs
    $1,574,693
    Other
    $86,001
    Hours/week
    2 + 58 related

    Schedule J breakdown matched by us

    Base
    $0 + $842,234 related
    Bonus
    $0 + $511,736 related
    Other
    $0 + $220,723 related
    Deferred
    $0 + $24,150 related
    Nontaxable benefits
    $0 + $61,851 related
    Filer's total
    $0 + $1,660,694 related

  • Gerald Boisvert

    Director and Treasurer

    Total calculated
    $1,189,168
    From this org
    $0
    From related orgs
    $1,113,675
    Other
    $75,493
    Hours/week
    2 + 58 related

    Schedule J breakdown matched by us

    Base
    $0 + $647,458 related
    Bonus
    $0 + $327,908 related
    Other
    $0 + $138,309 related
    Deferred
    $0 + $24,150 related
    Nontaxable benefits
    $0 + $51,343 related
    Filer's total
    $0 + $1,189,168 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 4b · Supplemental nonqualified retirement plan
  • 7 · Other non-fixed payments

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

Part I, Line 3
The Independent Executive Compensation Committee (Committee) of the Board of Directors of Hartford HealthCare on behalf of St. Vincent's Medical Center Foundation, Inc. hires an outside consultant, Human Resources and Compensation Consulting Practice of Gallagher, to determine best practices in governing executive compensation. Please refer to compensation narrative reported on Schedule O.
Part I, Line 4b
Hartford Healthcare Corporation, a related organization, maintains a 457(f) Supplemental Executive Retirement Plan (SERP). Participants include certain officers and key employees at the President & CEO, Executive Vice President and Senior Vice President levels that are reported by St. Vincent's Medical Center Foundation, Inc. on its Form 990, Part VII. Contributions are made by Hartford HealthCare Corporation to the plan based on a percentage of the participant's compensation. Participants vest in contributions made before January 1, 2025, at the earlier of reaching age 55 and having 5 years of service, death, disability, involuntary separation without reasonable cause, upon reaching age 65 or the occurrence of a change in control. Participants vest in contributions made after January 1, 2025 at the earlier of having 5 years of service, death, disability, involuntary separation without reasonable cause, upon reaching age 65 or the occurrence of a change in control. Each participant ceases to be eligible for further contributions by Hartford Healthcare Corporation on the date of the participant's separation from service. Participants receive a one-time lump sum payment of the accumulated amount during the 30-day period following the participant's separation from service. 2024 SERP Accrual was made on behalf of the following individual: William Jennings $156,459 2024 SERP Payouts were made on behalf of the following individuals: Bimal Patel $90,405* Jeffrey Cohen $84,885* Gerald Boisvert $48,149* *For these individuals, vesting occurred, causing taxable income. This portion of the vested amount was used to pay the associated tax liability. The remaining balance was deposited into the employee SERP account.
Part I, Line 7
Hartford HealthCare Corporation, a related organization, has a Compensation At Risk Plan that encourages and rewards achievements of significant functional goals. These goals contribute to the organization's strategic and financial direction. The plan utilizes market practice alignment to ensure competitive recruitment and retention. Awards are based on CEO and/or Hartford HealthCare Corporation's Compensation Committee discretionary assessment of overall organization performance and individual contribution to results.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • Advanced Medical Imaging of NW CT LLC

    Magnetic Resonance Imaging · CT

  • Ambulance Service of Manchester LLC

    Ambulatory Service · CT

  • Central Connecticut Endoscopy Center

    Endoscopy Services · CT

  • Connecticut Imaging Partners LLC

    Imaging Services · CT

  • Connecticut Orthopaedic Surgery Center LLC

    Surgery Services · CT

  • Connecticut Proton Therapy Center LLC

    Proton Therapy Services · CT

  • Constitution Surgery Center East LLC

    Surgery Services · CT

  • CT GI Endoscopy Center LLC ( Bloomfield)

    GI Services · CT

  • Glastonbury Endoscopy Center LLC

    Endoscopy Services · CT

  • Glastonbury Surgery Center LLC

    Surgery Services · CT

  • Hartford-Middlesex Clinical System LLC

    Affiliate Support Services · CT

  • HHC Hartford Surgery Center LLC

    Surgery Services · CT

  • HHC Southington Surgery Center LLC

    Surgery Services · CT

  • Hartford HealthCare-GoHealth Urgent Care LLC

    Urgent Care Services · DE

  • New Britain MRI Limited Partnership

    Magnetic Resonance Imaging · CT

  • Rocky Hill Surgery Center LLC

    Surgery Services · CT

  • The Endoscopy Center of Northwest Connecticut LLC

    Endoscopy Services · CT

  • Virtual Service Line MSO LLC

    Virtual Primary Care Services · DE

  • Wallingford Endoscopy Center LLC

    Endoscopy Services · CT

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • Aetna Ambulance Service Inc

    C · Ambulance Services · CT · controlled entity

  • American Ambulance Services Inc

    S · Ambulance Services · CT · controlled entity

  • American Professional Educational Services Inc

    S · Educational Services · CT · controlled entity

  • Backus Medical Center Condo Assoc Inc

    C · Condo Association · CT · controlled entity

  • CenConn Services Inc

    C · Billing Services · CT · controlled entity

  • ConnCare Inc

    C · Health Care Services · CT · controlled entity

  • HHMOB Corporation

    C · Real Estate & Parking · CT · controlled entity

  • Hartford HealthCare Indemnity Services Ltd

    C · Captive Insurance · BD · controlled entity

  • Hunter's Ambulance Service Inc

    S · Ambulance Services · CT · controlled entity

  • Meriden Imaging Center Inc

    S · Imaging · CT · controlled entity

  • Metro Wheelchair Service Inc

    C · Wheelchair Services · CT · controlled entity

  • The Cancer Care Fund Of The Litchfield Hills Inc

    C · Cancer Care Fund · CT · controlled entity

  • Windham Professional Office Condo Assoc

    C · Condo Association · CT · controlled entity

Assets distributed on this return

Schedule N, as filed: what the organization did with its assets when it liquidated or dissolved, or disposed of more than a quarter of them, and who received them. A recipient with an EIN is usually a successor organization; filers also list expenses such as legal fees here.

Provenance

Return type
form_990
Tax year
2024
Filed
12 August 2026
IRS schema version
2024v5.5
Source object
202642249349300234

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